Madison Realty Capital closed a $55-million loan to finance the development of a mixed-use development in Brooklyn.
The site is located at 948 Myrtle Ave. along Vernon Avenue, Throop Avenue, and Myrtle Avenue within the Bedford Stuyvesant neighborhood of Brooklyn.
The loan will complete construction and refinance the existing debt as well as cover any additional costs associated with the transaction, Madison Realty Capital said in a statement.
The developer plans to construct an interconnected three-building, 214,487-square-foot mixed-use project on the site that will incorporate both rental and condominium units, ground floor retail and parking.
The developer has completed all demolition, site excavation and foundation work at the property and intends to complete construction over the course of 24 months.
The first two buildings will rise nine stories and will include of 77 residential condominium units across 118,746 square feet in addition to a 20,300-square-foot ground-floor retail condominium and 59 below-grade parking spaces. The five-story third building will contain 24 affordable residential rental units.